---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-005075"
form_type: "8-K"
ticker: "CARG"
cik: "0001494259"
company_name: "CarGurus, Inc."
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T21:51:47.664532+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# CarGurus Q4 revenue falls 16% to $286.7M; Q1 2023 guidance well below Q4 run rate

## Summary
- Q4 total revenue $286.7M, down 16% YoY; Digital Wholesale segment revenue fell 33% to $120.5M.
- GAAP consolidated net income $23.2M (vs $34.2M); non-GAAP consolidated net income $17.4M (vs $61.8M).
- Q1 2023 guidance: total revenue $195-215M, product revenue $21-31M, non-GAAP adjusted EBITDA $19-27M.
- Ended Q4 with $469.5M cash and $400M revolver; free cash flow Q4 $90.5M.
- Now reporting two segments: U.S. Marketplace op income $34.8M, Digital Wholesale op loss $2.6M.

## SEC filing metadata
- accession: 0000950170-23-005075
- form_type: 8-K
- ticker: CARG
- cik: 0001494259
- company_name: CarGurus, Inc.
- filed_at: 2023-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1494259/000095017023005075/0000950170-23-005075-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1494259/000095017023005075/carg-20230228.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-005075
- JSON: https://secwatch.observer/filing/0000950170-23-005075.json
- Plain text: https://secwatch.observer/filing/0000950170-23-005075.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.